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International Energy, Ltd. Announces the Appointment of a New Boardof Directors
Apr 18, 2007 09:30:58 (ET)
ORLANDO, FL, Apr 18, 2007 (MARKET WIRE via COMTEX) -- International Energy, Ltd. (PINKSHEETS: ILGY) (FRANKFURT: I9E) is proud to announce that the Company has replaced its current board and has moved to appoint a New Board of Directors in keeping with its merger agreement.
Jefferson Bootes will become the Company's new President, Chief Executive Officer and Director. He was the President of Diversified Mining Group Inc., the merger partner with International Energy, Ltd., and has presented coal prospects to International Energy, Ltd. The most notable project brought to the Company's table by its merger partner is the "Monclova" coal project which boasts monthly output up to 20,000 tons.
Alex Khodja will become the Corporate Secretary and Director of the Company. He is charged with the oversight of the Company's oil and gas projects in Central Asia.
All former board members and officers of the Company have been replaced with the announcement of these new board appointments.
To round out all of the new changes at International Energy, Ltd., the Company's Headquarters have been moved to 400 N. Phelts Avenue, Winter Park, Florida 32789 effective immediately.
About International Energy, Ltd.
International Energy, Ltd. intends to become a worldwide company specializing in the extraction and production of oil and gas. The company's vision is to establish and enhance the company's foundation for future growth by developing properties that provide a balance between short and long-term reserves in both the oil and natural gas markets. Oil and gas-related activities will include acquiring additional properties with potential for development and drilling. The company will work to establish and maintain a significant inventory of undeveloped prospects. The company emphasis is on production, cash flow and reserve value, which will be attained by exploring for, developing, and purchasing oil and gas properties worldwide.
Safe Harbor Statement
The preceding includes forward-looking statements, which involve known and unknown risks, and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Any forward-looking statements above are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including, without limitation, competition, intellectual property rights, litigation, needs of liquidity, and other risks detailed from time to time in the company's reports filed with the SEC. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, continued acceptance of the company's products and services, competition, new products and technological changes, as well as any and all "other risks" associated with business.
CONTACT: International Energy, Ltd. A. Khodja Tel: (407) 574-6623 Email: ilgyinfo*yahoo.com
SOURCE: International Energy, Ltd.
mailto:ilgyinfo*yahoo.com
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Related Quotes Sym. Price Chg. DUK Trade News 20.9 0.02 ILGY Trade News 0.0006 0.0001 Duke Energy Reports First Quarter 2007 Results
May 8, 2007 07:00:00 (ET)
CHARLOTTE, N.C., May 8, 2007 /PRNewswire-FirstCall via COMTEX/ -- Duke Energy today reported ongoing diluted earnings per share (EPS) of 30 cents for first quarter 2007, which excludes special items and discontinued operations, versus 21 cents in first quarter 2006. The 21 cents excludes the results of the natural gas businesses, which were spun off as Spectra Energy in January 2007, and which are now reported in Discontinued Operations. The higher ongoing results reflect the addition of the Midwest assets at Franchised Electric & Gas and Commercial Power, as well as improved results at International. These results were partially offset by a lower contribution from Crescent, and reflect the issuance of new shares as a result of the April 2006 merger with Cinergy.
The company reported first quarter 2007 diluted EPS of 28 cents, or $357 million in net income, compared to 37 cents diluted EPS in first quarter 2006, or $358 million in net income. Reported earnings for first quarter 2007 exclude the results for the natural gas businesses that were spun off as Spectra Energy. Reported earnings for first quarter 2007 include the results of the former Cinergy operations and reflect the share dilution from the Cinergy merger.
"Our first quarter as a pure-play electric company was very solid and reflects our focus on the business," said Chairman, President and Chief Executive Officer James E. Rogers. "Our regulated businesses are performing well and the vast majority of our merger initiatives are either complete or on target. This helps position our business portfolio as a strong platform for delivering positive results for our shareholders. As a result, we are comfortable we will be able to achieve our 2007 employee incentive target of $1.15 per share, on an ongoing diluted basis."
Special items affecting Duke Energy's diluted EPS for the quarter include:
1Q2007 1Q2006 Pre-Tax Tax EPS EPS (In millions, except per-share amounts) Amount Effect Impact Impact First quarter 2007 -- Convertible debt costs, Spectra Energy spinoff ($21) -- ($0.02) -- -- Costs to achieve Cinergy merger ($11) $4 ($0.01) --
First quarter 2006 -- Costs to achieve Cinergy merger ($5) $2 -- -- Total diluted EPS impact ($0.03) --
Reconciliation of reported to ongoing diluted EPS for the quarter:
1Q2007 1Q2006 EPS EPS
Diluted EPS from continuing operations, as reported $0.27 $0.21 Diluted EPS from discontinued operations, as reported $0.01 $0.16 Diluted EPS, as reported $0.28 $0.37 Adjustments to reported EPS: -- Diluted EPS from discontinued operations ($0.01) ($0.16) -- Diluted EPS impact of special items $0.03 -- Diluted EPS, ongoing $0.30 $0.21
BUSINESS UNIT RESULTS
Franchised Electric and Gas
U.S. Franchised Electric and Gas (FE&G) reported first quarter 2007 segment EBIT from continuing operations of $574 million, compared to $359 million in the prior-year quarter. The EBIT increase over the prior year's quarter was due primarily to the addition of the former Cinergy regulated utility operations in the Midwest, favorable weather and customer growth, and proceeds from a settlement with the U.S. Department of Energy (DOE).
The former Cinergy operations contributed $218 million of EBIT for the quarter, net of $13 million in rate reductions related to merger approval requirements in Ohio, Indiana and Kentucky. The DOE settlement increased EBIT by $26 million and resolved a dispute with the DOE over its obligation to accept and dispose of used nuclear fuel.
Regional growth continued to add to FE&G's total customer base. Approximately 47,000 new customers were added in the Carolinas since the first quarter 2006, a 2 percent increase. Another 18,000 new customers were added in the Midwest in that same time period, a 1 percent increase.
These increases were partially offset by $38 million of merger-related rate reductions in the Carolinas, and lower bulk power marketing results driven by lower prices.
Commercial Power
Commercial Power reported a first quarter 2007 segment EBIT loss of $9 million from continuing operations, compared to a $26 million segment EBIT loss in the prior year's quarter. These results reflect the contribution of approximately $107 million from the addition of Cinergy's non-regulated generation in the Midwest. This contribution was offset by $53 million of purchase accounting charges associated with the merger, $26 million of mark- to-market losses on economic hedges and $23 million of costs associated with our synfuel facilities (before the benefit of associated tax credits).
Commercial Power's first quarter 2007 reported results also reflect reductions in governance costs related to the gas-fired plants in the Midwest.
International Energy
Duke Energy International (DEI) reported a first quarter 2007 segment EBIT from continuing operations of approximately $94 million, compared to $86 million in last year's first quarter. The EBIT increase was primarily due to favorable pricing and foreign exchange impacts in Brazil.
Crescent Resources
Duke Energy's ownership share of Crescent Resources resulted in $2 million in equity earnings for the first quarter 2007, compared with segment EBIT from continuing operations of $42 million for the first quarter of 2006. The first quarter 2007 results reflect the impact of Duke Energy's reduced ownership of Crescent from 100 percent to effectively 50 percent following the close of a joint-venture partnership with Morgan Stanley Real Estate Fund on September 7, 2006. First quarter 2007 equity earnings include a deduction for interest costs of $10 million, which did not exist in the prior-year quarter's EBIT. The lower results also reflect lower developed lot and land sales.
Other
Other primarily includes costs associated with corporate governance, merger costs-to-achieve, and Duke Energy's captive insurance company, Bison Insurance Co. Limited.
Other reported a first quarter 2007 EBIT loss from continuing operations of $84 million, compared to a loss of $54 million in the prior year's quarter. The increased losses for the quarter were due primarily to a $21 million special item related to convertible debt charges associated with the spinoff of Spectra Energy.
Discontinued Operations
In the first quarter of 2007, Discontinued Operations had after-tax income of $8 million, compared to $155 million in the prior year's quarter. The variance is primarily due to the presentation of the first quarter 2006 results for the natural gas businesses spun off as discontinued operations.
INTEREST EXPENSE
Interest expense from continuing operations was $164 million for the first quarter 2007, compared to $103 million for the first quarter 2006. The increase was primarily due to the merger with Cinergy in April 2006.
INCOME TAX EXPENSE
Income tax expense from continuing operations for first quarter 2007 was $105 million, compared to $108 million for the first quarter 2006. The decrease was the result of a lower effective tax rate, offset by higher pre- tax income in first quarter 2007, compared to the first quarter 2006. The lower effective tax rate was due primarily to the recognition of synfuel credits and a reduction in the unitary state tax rate in 2007, primarily as a result of the spinoff of Spectra Energy.
NON-GAAP FINANCIAL MEASURES
The primary performance measure used by management to evaluate segment performance is segment EBIT from continuing operations, which at the segment level represents all profits from continuing operations (both operating and nonoperating), including any equity in earnings of unconsolidated affiliates, before deducting interest and taxes, and is net of the minority interest expense related to those profits. Management believes segment EBIT from continuing operations, which is the GAAP measure used to report segment results, is a good indicator of each segment's operating performance as it represents the results of our ownership interests in continuing operations without regard to financing methods or capital structures.
Duke Energy's management uses ongoing diluted EPS, which is a non-GAAP financial measure as it represents diluted EPS from continuing operations, adjusted for the impact of special items, as a measure to evaluate operations of the company. Special items represent certain charges and credits, which management believes will not be recurring on a regular basis. Management believes that the presentation of ongoing diluted EPS provides useful information to investors, as it allows them to more accurately compare the company's ongoing performance across periods. Ongoing diluted EPS is also used as a basis for employee incentive bonuses.
The most directly comparable GAAP measure for ongoing diluted EPS is reported diluted EPS from continuing operations, which includes the impact of special items. Due to the forward-looking nature of ongoing diluted EPS for future periods, information to reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measure is not available at this time as the company is unable to forecast any special items for future periods.
Duke Energy also uses ongoing segment (including ongoing equity earnings for Crescent Resources) and Other EBIT as a measure of historical and anticipated future segment and other performance. When used for future periods, ongoing segment and Other EBIT may also include any amounts that may be reported as discontinued operations. Ongoing segment and Other EBIT are non-GAAP financial measures as they represent reported segment and Other EBIT adjusted for special items. Management believes that the presentation of ongoing segment and Other EBIT provides useful information to investors, as it allows them to more accurately compare a segment's or Other's ongoing performance across all periods. The most directly comparable GAAP measure for ongoing segment or Other EBIT is reported segment or Other EBIT, which represents EBIT from continuing operations, including any special items. Due to the forward-looking nature of any forecasted ongoing segment or Other EBIT and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time as the company is unable to forecast any special items or any amounts that may be reported as discontinued operations for future periods.
Duke Energy Corp., one of the largest electric power companies in the United States, supplies and delivers energy to approximately 3.9 million U.S. customers. The company has nearly 37,000 megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. In addition, Duke Energy has more than 4,000 megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com .
An earnings conference call for analysts is scheduled for 10 a.m. ET today. The conference call can be accessed via the investors' section of Duke Energy's Web site ( http://www.duke-energy.com/investors/ ) or by dialing (800) 475-3716 in the United States or (719) 457-2728 outside the United States. The confirmation code is 9982491. Please call in five to 10 minutes prior to the scheduled start time. A replay of the conference call will be available until midnight ET, May 17, 2007, by dialing (888) 203-1112 with a confirmation code of 9982491. The international replay number is (719) 457-0820, confirmation code 9982491. A replay and transcript also will be available by accessing the investors' section of the company's Web site. The presentation may include certain non-GAAP financial measures as defined under SEC rules. In such event, a reconciliation of those measures to the most directly comparable GAAP measures will be available on our investor relations Web site at: https:// www.duke-energy.com/investors/publications/gaap-reconciliation.asp/
Forward-looking statement
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward- looking statement include, but are not limited to: State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements; costs and effects of legal and administrative proceedings, settlements, investigations and claims; industrial, commercial and residential growth in Duke Energy Corporation's (Duke Energy) service territories; additional competition in electric markets and continued industry consolidation; political and regulatory uncertainty in other countries in which Duke Energy conducts business; the influence of weather and other natural phenomena on Duke Energy operations, including the economic, operational and other effects of hurricanes and ice storms; the timing and extent of changes in commodity prices, interest rates and foreign currency exchange rates; unscheduled generation outages, unusual maintenance or repairs and electric transmission system constraints; the results of financing efforts, including Duke Energy's ability to obtain financing on favorable terms, which can be affected by various factors, including Duke Energy's credit ratings and general economic conditions; declines in the market prices of equity securities and resultant cash funding requirements for Duke Energy's defined benefit pension plans; the level of credit worthiness of counterparties to Duke Energy's transactions; employee workforce factors, including the potential inability to attract and retain key personnel; growth in opportunities for Duke Energy's business units, including the timing and success of efforts to develop domestic and international power and other projects; the performance of electric generation and of projects undertaken by Duke Energy's non-regulated businesses; the effect of accounting pronouncements issued periodically by accounting standard-setting bodies; the ability to successfully complete merger, acquisition or divestiture plans, including the prices at which Duke Energy is able to sell assets; and regulatory or other limitations imposed as a result of a merger. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MEDIA CONTACT Mark Craft Phone: 704/382-7364 or 513/419-5943 24-Hour: 704/382-8333
ANALYST CONTACT Sean Trauschke Phone: 980/373-7905
MARCH 2007 QUARTERLY HIGHLIGHTS (Unaudited)
Three Months Ended March 31, (In millions, except per share --------------------- amounts and where noted) 2007 (a) 2006 (a) ---------------------------------------------------------- COMMON STOCK DATA Earnings Per Share (from continuing operations) Basic $0.27 $0.22 Diluted $0.27 $0.21 Earnings Per Share (from discontinued operations) Basic $0.01 $0.17 Diluted $0.01 $0.16 Earnings Per Share Basic $0.28 $0.39 Diluted $0.28 $0.37 Dividends Per Share $0.21 $0.31 Weighted-Average Shares Outstanding Basic 1,257 928 Diluted 1,268 963
---------------------------------------------------------- INCOME Operating Revenues $3,087 $1,620 ========== ========= Total Reportable Segment EBIT 661 461 Other EBIT (84) (54) Interest Expense (164) (103) Interest Income and Other (b) 41 7 Income Tax Expense from Continuing Operations (105) (108) Income from Discontinued Operations, net of tax 8 155 ---------- --------- Net Income $357 $358 ========== ========= ---------------------------------------------------------- CAPITALIZATION Total Common Equity 64% 50%
Minority Interests 0% 2% Total Debt 36% 48%
---------------------------------------------------------- Total Debt $11,538 $16,172 Book Value Per Share $16.39 $17.87 Actual Shares Outstanding 1,259 927 ---------------------------------------------------------- CAPITAL AND INVESTMENT EXPENDITURES U.S. Franchised Electric and Gas $668 $340 Natural Gas Transmission - 125 Commercial Power 90 - International Energy 11 25 Crescent (c) - 263 Other 40 81 ---------- --------- Total Capital and Investment Expenditures $809 $834 ========== ========= ---------------------------------------------------------- EBIT BY BUSINESS SEGMENT U.S. Franchised Electric and Gas $574 $359 Commercial Power (9) (26) International Energy 94 86 Crescent 2 42 ---------- --------- Total reportable segment EBIT 661 461 Other EBIT (84) (54) Interest expense (164) (103) Interest Income and Other (b) 41 7 ---------- --------- Consolidated income from continuing operations before income taxes $454 $311 ========== ========= ----------------------------------------------------------
(a) Amounts for the three months ended March 31, 2007 include results of legacy Cinergy operations, which are included in Duke Energy's results of operations from April 1, 2006 and thereafter. Additionally, on January 2, 2007, Duke Energy completed the spin-off of its natural gas businesses to shareholders and, accordingly, prior period results of the natural gas businesses, including Duke Energy's 50% ownership interest in DCP Midstream (formerly DEFS), are reflected in discontinued operations. On September 7, 2006, Duke Energy deconsolidated Crescent and subsequently accounts for its investment in Crescent using the equity method of accounting. Results of operations for the three months ended March 31, 2007 include Duke Energy's 50% equity in earnings of Crescent whereas the results for the three months ended March 31, 2006 include 100% of Crescent's earnings as Crescent was a wholly owned subsidiary of Duke Energy. (b) Other includes foreign currency transaction gains and losses and additional minority interest not allocated to the segment results. (c) Amounts include capital expenditures for residential real estate included in operating cash flows of $115 million for the three months ended March 31, 2006.
Note: Certain prior period amounts have been reclassified due to discontinued operations and segment asset transfers.
MARCH 2007 QUARTERLY HIGHLIGHTS (Unaudited)
Three Months Ended March 31, ------------------ (In millions, except where noted) 2007 2006 ------------------------------------------------------------ U.S. FRANCHISED ELECTRIC AND GAS (a) Operating Revenues $2,399 $1,292 Operating Expenses 1,835 938 Other Income and Expenses, net 10 5 -------- ------- EBIT $574 $359 -------- ------- Depreciation and Amortization $361 $232
Duke Energy Carolinas GWh sales 21,542 20,580 Duke Energy Midwest GWh sales 16,412 - Net Proportional MW Capacity in Operation 27,590 18,390
------------------------------------------------------------ COMMERCIAL POWER (a) Operating Revenues $432 $16 Operating Expenses 436 41 Losses on Sales of Other Assets and Other, net (11) - Other Income and Expenses, net 6 (1) -------- ------- EBIT $(9) $(26) -------- ------- Depreciation and Amortization $49 $14
Actual Plant Production, GWh 5,871 16 Net Proportional MW Capacity in Operation 8,100 3,600
------------------------------------------------------------ INTERNATIONAL ENERGY Operating Revenues $245 $227 Operating Expenses 165 154 Other Income and Expenses, net 19 19 Minority Interest Expense 5 6 -------- ------- EBIT $94 $86 -------- ------- Depreciation and Amortization $18 $17
------------------------------------------------------------ CRESCENT (b) Operating Revenues $- $71 Operating Expenses - 61 Gains on Sales of Investments in Commercial and Multi-Family Real Estate - 26 Other Income and Expenses, net - 8 Equity in Earnings of Unconsolidated Affiliates 2 - Minority Interest Expense - 2 -------- ------- EBIT $2 $42 -------- -------
------------------------------------------------------------ OTHER (a) Operating Revenues $36 $37 Operating Expenses 100 107 Other Income and Expenses, net (21) 12 Minority Interest Benefit (1) (4) -------- ------- EBIT $(84) $(54) -------- ------- Depreciation and Amortization $13 $10
------------------------------------------------------------ (a) Includes the results of operations for legacy Cinergy from April 1, 2006 and thereafter. (b) Crescent results for the three months ended March 31, 2007 represent Duke Energy's 50% equity in earnings for its investment in Crescent. Results for the three months ended March 31, 2006 represent 100% of Crescent's earnings as Crescent was a wholly owned subsidiary of Duke Energy.
DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions)
------------------------ Three Months Ended March 31, ------------------------ 2007 2006 --------- --------- Operating Revenues $3,087 $1,620 Operating Expenses 2,510 1,282 Gains on Sales of Investments in Commercial and Multi-Family Real Estate - 26 Losses on Sales of Other Assets and Other, net (11) - --------- --------- Operating Income 566 364 --------- --------- Other Income and Expenses, net 54 53 Interest Expense 164 103 Minority Interest Expense 2 3 --------- --------- Income From Continuing Operations Before Income Taxes 454 311 Income Tax Expense from Continuing Operations 105 108 --------- --------- Income From Continuing Operations 349 203
Income From Discontinued Operations, net of tax 8 155 --------- --------- Net Income $357 $358 ========= =========
Common Stock Data Weighted-average shares outstanding Basic 1,257 928 Diluted 1,268 963 Earnings per share (from continuing operations) Basic $0.27 $0.22 Diluted $0.27 $0.21 Earnings per share (from discontinued operations) Basic $0.01 $0.17 Diluted $0.01 $0.16 Earnings per share Basic $0.28 $0.39 Diluted $0.28 $0.37 Dividends per share $0.21 $0.31
DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions)
March 31, December 31, 2007 2006 ---------- ----------- ASSETS
Current Assets $5,132 $7,047 Investments and Other Assets 10,967 16,074 Net Property, Plant and Equipment 29,378 41,447 Regulatory Assets and Deferred Debits 2,752 4,132 ---------- ----------- Total Assets $48,229 $68,700 ========== ===========
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Current Liabilities $4,403 $6,613 Long-term Debt 9,774 18,118 Deferred Credits and Other Liabilities 13,215 17,062 Minority Interests 203 805 Common Stockholders' Equity 20,634 26,102 ---------- ----------- Total Liabilities and Common Stockholders' Equity $48,229 $68,700 ========== ===========
DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Three Months Ended March 31, ------------------------- 2007 2006 --------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES Net income $357 $358 Adjustments to reconcile net income to net cash provided by operating activities: 559 373 --------- --------- Net cash provided by operating activities 916 731 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (594) (138) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Net cash used in financing activities (700) (319) --------- --------- Net increase (decrease) in cash and cash equivalents (378) 274 Cash and cash equivalents at beginning of period 948 511 --------- --------- Cash and cash equivalents at end of period $570 $785 ========= =========
Duke Energy Carolinas Quarterly Highlights Supplemental Franchised Electric Information
Quarter and Year To Date Ended March 31, -------------------------------- % 2007 2006 Inc.(Dec.) ----------- --------- --------
GWH Sales Residential 7,126 6,612 7.8% General Service 6,231 5,816 7.1%
Industrial - Textile 1,243 1,388 (10.4%) Industrial - Other 4,309 4,349 (0.9%) ----------- ---------- -------- Total Industrial 5,552 5,737 (3.2%)
Other Energy Sales 69 67 3.0% Regular Resale 370 357 3.6% ----------- ---------- -------- Total Regular Sales Billed 19,348 18,589 4.1%
Special Sales (A) 2,101 1,917 9.6% ----------- ---------- -------- Total Electric Sales 21,449 20,506 4.6%
Unbilled Sales (275) (280) 1.8% ----------- ---------- -------- Total Electric Sales - Carolinas 21,174 20,226 4.7%
Nantahala Electric Sales 368 354 4.0% ----------- ---------- -------- Total Consolidated Electric Sales - Carolinas 21,542 20,580 4.7% =========== ========== ========
Average Number of Customers Residential 1,903,639 1,863,159 2.2% General Service 319,275 314,426 1.5%
Industrial - Textile 739 769 (3.9%) Industrial - Other 6,548 6,645 (1.5%) ----------- ---------- -------- Total Industrial 7,287 7,414 (1.7%)
Other Energy Sales 13,348 12,990 2.8% Regular Resale 15 15 0.0% ----------- ---------- -------- Total Regular Sales 2,243,564 2,198,004 2.1%
Special Sales (A) 34 27 25.9% ----------- ---------- -------- Total Electric Sales - Carolinas 2,243,598 2,198,031 2.1%
Nantahala Electric Sales 70,756 69,171 2.3% ----------- ---------- -------- Total Avg Number of Customers - Carolinas 2,314,354 2,267,202 2.1% =========== ========== ========
(A) Excludes sales to Nantahala Power and Light Company
Heating and Cooling Degree Days Actual Heating Degree Days 1,599 1,552 3.0% Cooling Degree Days 30 6 400.7%
Variance from Normal Heating Degree Days (8.0%) (8.1%) n/a Cooling Degree Days 651.0% 50.0% n/a
Duke Energy - Midwest Quarterly Highlights Supplemental Franchised Electric Information
Quarter and Year To Date Ended March 31, --------------------------------- % 2007 2006 Inc.(Dec.) ---------- ---------- --------- GWH Sales Residential 5,347 4,836 10.6% General Service 4,371 4,164 5.0% Industrial 4,380 4,503 (2.7%)
Other Energy Sales 44 45 (2.2%) ---------- ---------- --------- Total Regular Electric Sales Billed 14,142 13,548 4.4%
Special Sales 2,632 1,477 78.2% ---------- ---------- --------- Total Electric Sales Billed - Midwest 16,774 15,025 11.6%
Unbilled Sales (362) (429) 15.6% ---------- ---------- --------- Total Electric Sales - Midwest 16,412 14,596 12.4% ========== ========== ========= Average Number of Customers Residential 1,404,132 1,391,001 0.9% General Service 183,045 181,614 0.8% Industrial 5,673 5,794 (2.1%)
Other Energy 3,719 3,385 9.9% ---------- ---------- --------- Total Regular Sales 1,596,569 1,581,794 0.9%
Special Sales 26 28 (7.1%) ---------- ---------- --------- Total Avg Number Electric Customers - Midwest 1,596,595 1,581,822 0.9%
Heating and Cooling Degree Days* Actual Heating Degree Days 2,171 1,823 19.1% Cooling Degree Days 15 - n/a
Variance from Normal Heating Degree Days 2.4% (14.4%) n/a Cooling Degree Days 400.0% (100.0%) n/a
* Reflects HDD and CDD for Duke Energy - Indiana, Duke Energy - Ohio and Duke Energy - Kentucky
DUKE ENERGY CORPORATION ONGOING TO REPORTED EARNINGS RECONCILIATION March 2006 Year-to-date (Dollars in millions, except per-share amounts)
Special Items (Note 1) ---------------------- Costs to Achieve, Ongoing Cinergy Discontinued Total Reported Earnings Merger Operations Adjustments Earnings --------- --------- ------------ ----------- -------- SEGMENT EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS
U.S. Franchised Electric and Gas $359 $- $- $- $359
Other (49) (5)A - (5) (54) --------- --------- ------------ ----------- -------- Total reportable segment EBIT and other EBIT $412 $(5) $- $(5) $407
Interest Expense (103) - - - (103) Interest Income and Other 7 - - - 7 Income Taxes from Continuing Operations (110) 2 - 2 (108) Discontinued Operations, net of taxes - - 155 B,C 155 155 --------- --------- ------------ ----------- -------- Net Income $206 $(3) $155 $152 $358 ========= ========= ============ =========== ======== EARNINGS PER SHARE, BASIC $0.22 $- $0.17 $0.17 $0.39 ========= ========= ============ =========== ======== EARNINGS PER SHARE, DILUTED $0.21 $- $0.16 $0.16 $0.37 ========= ========= ============ =========== ========
Note 1 - Amounts for special items are presented net of any related minority interest
A - Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.
B - Excludes Crescent discontinued operations.
C - Primarily amounts reclassified to discontinued operations due to the January 2007 spin-off of Spectra Energy, net of amounts for DENA. Recorded in Income From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and ongoing) - in millions
Basic 928
Diluted 963
DUKE ENERGY CORPORATION ONGOING TO REPORTED EARNINGS RECONCILIATION March 2007 Year-to-date (Dollars in millions, except per-share amounts)
Special Items (Note 1) ---------------------- Convertible Costs Debt to Discon- Costs, Achieve, tinued Total Ongoing Gas Cinergy Opera- Adjust- Reported Earnings Spin-off Merger tions ments Earnings --------- ---------- --------- -------- -------- -------- SEGMENT EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS
U.S. Franchised Electric & Gas $574 $- $- $- $- $574
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THANKS PCOLA, I WOULD HAVE MISSED IT.
